Daily Top Mover — Curve DAO (CRV)
U.S. equities had mixed performance overnight as January’s CPI reading exceeded the market’s expectations, whereas a broader basket of common goods and services saw an uptick in inflationary pressures. Meanwhile, the broader cryptocurrency market rebounded as the community took a breather from the Paxos drama, with Bitcoin and Ether up by 1.70% and 2.99%, respectively, in the past 24 hours as of the time of writing. The top mover for today, CRV, registered an increase of 21% from Tuesday’s low, outperforming the broader market due to anticipation of crvUSD and favorable sentiment toward decentralized stablecoin.
CRV is the native token of Curve DAO, where holders own voting rights to direct CRV rewards to liquidity pools. The most popular pool in Curve is 3pool, comprised of DAI, USDC, and USDT, which leads to the dominance of stablecoin trading on the platform. The recent outperformance of CRV comes as Paxos announced to stop supporting BUSD due to regulatory pressures, resulting in negative sentiment toward centralized stablecoin and, in turn, benefiting decentralized stablecoin. On the other hand, crvUSD, the upcoming stablecoin issued by Curve, has the potential to take up market share as it is the first stablecoin issued by a decentralized exchange.
Check Out the Latest Prices, Charts, and Data for CRV/USDT!
Talk of the Town
Prominent Ethereum Layer 2 solution, Polygon, announced launching the zkEVM mainnet beta on March 27, 2023. Since public testnets launched in October 2022, Polygon’s zkEVM has been battle-tested by testnet usage and auditing. Polygon zkEVEM is “EVM equivalent”, an more advanced than EVM-compatible Layer 2 solutions. Polygon claims its zkEVM solution will be cheaper and faster than its competitors.
Check out what else is buzzing in the crypto scene today:
Circle reportedly sounded alarm on Paxos, and told NYDFS Binance’s stablecoin wasn’t fully backed. (Link)
Bitcoin hits record 44M non-zero addresses, thanks to Ordinals. (Link)
Korea’s second-largest city pushes for being a crypto hub. (Link)
CME Group to offer retail traders a new way to bet on BTC direction. (Link)
